Answers to questions on 2017 revaluations
Check out the answers to common questions on our 2017 revaluation below.
If you have a questions about the valuation of your property, contact QV directy on email@example.com
- What is a Rating Value?
- Why are revaluations across the district carried out?
- Who has carried out the valuations?
- How is a rating value calculated?
- What is the date of the new valuations?
- When will the new valuations be used for working out the rates I need to pay?
- What difference will my updated property valuation make to my rates?
- What factors are taken into account in working out the rates I need to pay for my property?
- Does the revaluation mean the Council gets more money in rates?
- I haven’t received my new valuation yet – what should I do?
- I don’t agree with my new valuation – what can I do to object?
- When do revaluation objections need to be lodged?
A “Rating Value” is assigned to every property in New Zealand. It is made up of:
- The Capital Value; the likely price a property would sell for at the time of the valuation, excluding chattels.
- The Land Value; the likely price that just the land (minus buildings) would sell for at the time of the valuation.
- The Value of Improvements; the difference between the Capital Value and Land Value. It reflects the value which buildings and improvements add to the bare land.
Local authorities are required to keep and maintain a rating information database. To keep this information up to date, valuations must be reviewed at least once every three years.
The Council has engaged Quotable Value (QV) to undertake the 2017 revaluation.
The updated rating valuations are independently audited by the Office of the Valuer General, in order to ensure they meet rigorous quality standards before the new rating valuations are certified.
Our rating values are calculated by QV valuers who analyse recent sales and compare similar properties using technology and experience to determine a property’s rating value.
QV valuers may also inspect properties sold recently and those where building consents show work has recently been completed. Because of the vast number of properties it’s not possible to view every property in person, (although many urban properties are looked at externally to check the accuracy of the proposed value level).
All properties in a local council area are assessed as at the same date. This means that the rating valuation is reached using the same process and reflects the same market trends as every other property in the area.
The latest valuations for Kāpiti Coast District reflect values as at 1 August 2017.
The 2017 valuations will be used in calculating rates from the 2018/2019 rating year beginning on 1 July 2018.
The remaining rates instalments for the 2017/2018 year will continue to be based on 2014 valuations.
Before rates will start to be based on the new valuations the Council will be looking at the impact of the revaluations on rates and affordability as part of our rating review. Following this, any proposed changes to how we spread rates costs across the district will be shared with the community for their feedback early in 2018. This would take place as part of our community consultation on our draft long term plan.
An increase in property values in the district doesn’t increase Council’s rating income – so an increase in the valuation of a property doesn’t mean an equivalent rates increase for that property. If the percentage change in valuation is different for different properties, though, it can change the way that the rates collected by the Council is distributed among individual ratepayers.
Typically, where a property’s revaluation increase exceeds the average increase, the property will have a slightly higher rates increase than the average. Conversely, a property that has a revaluation increase below the average will have a slightly lower rates increase than the average.
The total amount of rates collected by the Council each year is allocated across the community using a combination of land value, capital value and fixed charges, with differential rates applied in some cases.
The amount of money collected through rates is based on the funding Council needs to deliver its services to the district and is determined each year via the annual plan or long term plan process. These costs are then allocated across the community using a combination of land value, capital value and fixed charges, with differential rates applied in some cases.
A revaluation of property values throughout the district does not increase the amount of money collected by rates, but it can change how they are apportioned throughout the district where property values don’t all increase at the same percentage.
New rating values will be posted to property owners by QV after 25 October 2017.
If you have any queries regarding your revaluation notice, contact QV on 0800 787 284.
The District Valuation Rolls are also open for public inspection, free of charge, during regular office hours, at the Council offices at 175 Rimu Road, Paraparaumu.
Property owners who do not agree with the updated rating value had the right to object, free of charge, until 8 December 2017.
Property owners should review their valuation and lodge an objection if they believe the valuation for their property is either too low or too high.
You can make an objection online at www.ratingvalues.co.nz or by personal letter posted to QV. Contact QV on 0800 787 284 for further information.
The close-off date for objections was 8 December 2017.
If you have a question that isn’t answered here, please contact us.